Quincy, Massachusetts is planning to clear out 50 acres of its city center and build $1.3 billion in retail shops, offices, parking garages and more, plus $300m in new infrastructure. A new financial model is making it possible.
Tod Newcombe at Governing explains how it works:
"What's unusual about the project is that the developer will assume almost all of the financial risk. Only when the infrastructure is finished will Quincy step in and assume responsibility for the debt by issuing general obligation bonds. With those bonds as a guarantee, the developer, Street-Works Development, expects to tap private equity and debt markets to build the offices, shops, apartments and parking garages."
Read the full story: Quincy, Mass., Rebuilds from Scratch
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Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
University of Michigan School for Environment and Sustainability (SEAS)
Hunter College, City University of New York (CUNY)
The Architects Foundation
City of Cambridge
Montrose County
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